Hyperliquid's HYPE Token Shows Resilience as Crypto Market Crash Deepens
Hyperliquid's HYPE token has lost roughly a quarter of its value since its peak but is holding up better than Bitcoin and Ethereum during the latest crypto market crash.
HYPE traded near $73 on Friday, down approximately 7% over seven days.
Derivatives Market Explanation
According to Bitunix's research, HYPE's notional open interest on Hyperliquid declined from $1.21 billion to $1.07 billion, approximately 12%, while Ethereum's open interest on the same platform fell more than 52% over a comparable period. This smaller decline suggests traders have maintained more exposure to HYPE despite falling prices.
Open interest measures the value of outstanding futures positions. A smaller decline suggests traders have maintained more exposure to HYPE despite falling prices, although price changes also affect the dollar value of positions.
Whale Positioning
Bitunix also identified an early HYPE whale holding over $40 million in unrealized profits as of November 12. Meanwhile, Hyperliquid Strategies reported holding 38.52 million HYPE, approximately 16% of circulating supply, as of September 30. WhaleRadar data showed $641 million in HYPE shorts against $515 million in longs among tracked large traders on November 13.
Broader Market Downturn
Bitcoin dropped below $70,000 on Friday, reaching approximately $68,700, while Ethereum slipped toward $1,930. Institutional withdrawals remain a concern, with US spot Bitcoin ETFs recording another $284.1 million in outflows on November 12, their sixth consecutive negative session. Data shows approximately $2.8 billion in withdrawals since October 30, with Ethereum ETFs also losing $70.5 million on November 12.
Persistent US inflation has strengthened expectations of further Federal Reserve tightening. Falling prices have also triggered leveraged liquidations, accelerating the downturn.
What Comes Next
For traders, $70 remains the immediate level to watch. Below that, the 200-day moving average near $68.60 offers another potential support area. A deeper decline could threaten leveraged long positions clustered around $65.50. A recovery above $74.40, followed by 76–77, would improve the short-term outlook.
HYPE's relative strength is encouraging, but sustained price recovery will depend on fresh buying demand and whether existing support levels survive the broader market downturn.
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